Hello Everyone,
Looking at the daily chart, the price hit the resistance level at 122.738 (noted by blue dashed lines) and reversed. This initiated a breakout from the rising channel forming since October 2019. It reached the 119.83 support and has broken through. This is now resistance and seems to be holding. Great opportunity to take a short position.
You could also wait for the next support level and plane another trade from there. Remember to wait for a retest before entry.
Like and follow!
Looking at the daily chart, the price hit the resistance level at 122.738 (noted by blue dashed lines) and reversed. This initiated a breakout from the rising channel forming since October 2019. It reached the 119.83 support and has broken through. This is now resistance and seems to be holding. Great opportunity to take a short position.
You could also wait for the next support level and plane another trade from there. Remember to wait for a retest before entry.
Like and follow!